Tianfeng Securities Research Report stated that it is optimistic about the overall valuation revaluation of Chinese concept stocks in Hong Kong stocks under the trend of progress and evolution. 1. Tianfeng Securities believes that the valuation of Chinese concept Internet companies is relatively attractive globally, and the valuation advantages of the Hang Seng Index and the Hang Seng Technology Index are significant. 2. Tianfeng Securities believes that unlike previous Internet companies that paid more attention to the level of shareholder returns, Chinese concept Internet companies will return to progress and evolution in 2025. 3. Tianfeng Securities believes that the layout of AI business will not only boost the overall valuation level of Chinese concept Internet companies, but also help Internet companies increase efficiency. Recommended to watch: Tencent Holdings, Alibaba, Xiaomi, JD.com, Kuaishou, Pinduoduo, Meituan, Bilibili.